"As recently as the buildup to May's local elections, Reform was pledging to raise the threshold at which people start paying income tax from 12,570 to 20,000, bringing many thousands out of tax but costing the exchequer more than 40bn a year. Amid increasing scrutiny about how or if this could be paid for, Farage has rolled back. Quizzed after the speech on whether the policy still stood, he said he would want a 20,000 threshold but this was an eventual aspiration."
"There was one exception Farage said he would reverse Labour's changes to inheritance tax on farms. Whatever Labour achieves over the rest of the parliament there will be a difficult inheritance. But raising the tax threshold is difficult to justify when it mainly benefits richer taxpayers who can earn more before they hit the 40p tax rate. At a press conference last week, Reform said it could save 9bn a year by tightening eligibility for personal independence payments, or Pip."
Reform had pledged to raise the income tax threshold from 12,570 to 20,000, which would remove many people from tax but cost the exchequer over 40bn a year. Nigel Farage has since scaled back that pledge, describing a £20,000 threshold as an eventual aspiration given economic uncertainty. Farage said he would reverse Labour's inheritance tax changes on farms. Reform proposes saving 9bn a year by tightening eligibility for personal independence payments. The pledge to scrap the two-child benefit limit would apply only to UK nationals where both parents work. Farage declined to commit to the triple lock and suggested the minimum wage may be too high for younger workers. Economists urge addressing mental health before withdrawing benefits and warn of discriminatory effects of nationality-limited benefit changes. The Institute for Fiscal Studies has proposed reverting the triple lock to an earnings link with a safety net.
Read at www.theguardian.com
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